tagged w/ Business News
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CITIC Bank International (CBI), a wholly-owned subsidiary of CITIC International Financial Holdings, has opened a new branch in Singapore.
CBI said that its Singapore branch will serve businesses in the Southeast Asia region, including corporate customers and partners of CITIC Group companies, as well as ASEAN-based customers who have trade with or investment in China.
The opening of the Singapore branch through CBI gives CNCB Group a strategic footprint in a region which counts as the fourth largest trading partner of China. For the first 11 months of the year, China's trade with ASEAN countries rose 41% year-on-year to $263bn, making it the largest trading partner of the region.
CBI CEO Doreen Chan said the bank's investment in Singapore underscores CBI's commitment to be closer to clients' business needs, and to help clients realize their growth potential in Asia; particularly in maximizing the tremendous opportunities in China, where CBI offers unsurpassed market knowledge and connectivity through our relationships with and support from both parent bank CNCB and ultimate.CITIC Bank International (CBI), a wholly-owned subsidiary of CITIC International... more
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Renewable energy company RES has received approval from the Scottish government for its 99MW Dunmaglass wind farm, located approximately 25km south of Inverness.
The wind farm will comprise of 33 turbines, each with a maximum height of 120m to the tip of the blade.
RES applied for consent to construct and operate the wind farm in 2005, but in response to feedback received from local residents and consultees, the planning application was amended and resubmitted in 2008.
The power project is expected to generate electricity equivalent to the average annual demand of around 40,000 Scottish households.
In 2009, about 27% of Scotland's electricity needs came from renewables and the government's target is to meet 80% of electricity demand from renewables by 2020.Renewable energy company RES has received approval from the Scottish government for... more
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Energy, an oil and gas exploration and production company, has made a significant natural gas discovery at the Leviathan exploration prospect offshore Israel.
The Leviathan-1 well, which was drilled in the Rachel license, encountered a minimum of 220ft of net natural gas pay in several subsalt Miocene intervals.
Apparent reservoir quality is very good, and the intervals discovered are geologically similar to those intersected at Tamar prospect, Noble Energy officials said.
The results from the well confirm the pre-drill estimated resource range, with a gross mean for Leviathan of 16 trillion cubic feet.
The Leviathan field is estimated to cover approximately 125 square miles and, as a result of its size, will require two or more appraisal wells to further define total gas resources.
Drilling at Leviathan-1 will continue to a planned total depth of 23,600ft to evaluate two additional intervals and current well depth is 16,960ft.Energy, an oil and gas exploration and production company, has made a significant... more
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The Saudi British Bank (SABB) has launched a new Shariah compliant program SABB Advance, which provides customers with privileged services within the Kingdom of Saudi Arabia and abroad.
SABB said that the program offers mass affluent customers with special benefits regarding all banking and investment services in addition to international recognition that allow them access to various services offered by its foreign partner HSBC worldwide.
According to the bank, the launch of SABB advance is in line with the bank's efforts to promote Islamic banking and to expand Shariah compliant products and solutions for retail, corporate, treasury and investment segments as well as Takaful insurance.
SABB Personal Financial Services general manager Majed Najam said this program is designed to satisfy customer's hopes and desires to benefit from priority status and the global existence of the bank, as well, SABB also endeavors to provide excellence to a larger segment of its customers.
"SABB Advance respond to the needs of some customer segments specifically youth and small business owners particularly after the significant success achieved by SABB Premier," Majed said.The Saudi British Bank (SABB) has launched a new Shariah compliant program SABB... more
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The United States on Wednesday praised the Reserve Bank of India (RBI) for reducing its dealings with Iran's central bank, saying the Islamic Republic misuses its financial relationships to support its nuclear program
read more:
http://www.indiareport.com/India-usa-uk-news/reuters/Business/72760The United States on Wednesday praised the Reserve Bank of India (RBI) for reducing... more
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Bombay Stock Exchange (BSE) has launched a Shariah compliant index along with Taqwaa Advisory and Shariah Investment Solutions (TASIS), in an attempt to open stock-trading to more Muslims.
Shariah compliant means complying with Islamic law, which prohibits members from investing money into firms that benefit from interest or the sale of 'sinful' goods such as alcohol, tobacco or firearms.
The BSE TASIS Shariah 50 index consists of the 50 largest and most liquid Shariah compliant stocks within the BSE 500.
The index allows investors to buy stocks without violating Islamic investment guidelines.
Companies included in the index have been screened by TASIS, an Indian Islamic finance company based in Mumbai.
Stocks will be reviewed every month to ensure continued compliance. Any stocks that do not meet the criteria will be removed.Bombay Stock Exchange (BSE) has launched a Shariah compliant index along with Taqwaa... more
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Australian coal producing firm Kangaroo Resources (KRL) has signed an agreement to acquire nine coal concessions in the Pakar Thermal Coal Project in East Kalimantan from PT Bayan Resources for $277m, all payable in KRL shares.
This acquisition will see KRL establish a key strategic relationship with PT Bayan Resources, a coal mining company in Indonesia.
As per the transaction, Bayan will acquire an approximate 57% stake in KRL.
KRL has also signed a Memorandum of Understanding (MoU) with Bayan to immediately take operational control of KRL's Indonesian projects prior to the completion of Pakar transaction.
Bayan is currently targeting coal sales for 2010 of approximately 12 million tonnes for nearly $1bn in revenues and approximately $150m in EBITDA.
KRL has been earning a 49% interest in the Tanur Jaya concession (one of the nine concessions within the Pakar Project) over the past 12 months and this position will now be incorporated into the overall 99% interest that KRL is acquiring in the Pakar Project.Australian coal producing firm Kangaroo Resources (KRL) has signed an agreement to... more
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System predicts rain and possible flash floods, and will also be able to evaluate the effects on city traffic
Rio de Janeiro, a city government in Brazil, and IBM have signed an agreement to build a public information management centre for the city.
The Rio Operations Center will integrate and interconnect information from government departments and public agencies in the municipality for city safety and responsiveness to various types of incidents, such as flash floods and landslides.
IBM research scientists will develop a high-resolution weather forecasting and hydrological modeling system (PMAR) for Rio de Janeiro, which can predict heavy rains up to 48 hours in advance, additionally as part of the agreement.
The mission of the Rio Operations Center is to consolidate data from various urban systems for visualisation, monitoring and analysis. The system is designed for forecasting floods and related emergencies, and is extensible to any event occurring in the city, and will be able to predict rain and possible flash floods, and over time will also be able to evaluate the effects on city traffic.
As part of IBM's global strategy to develop technology-based offerings to help cities, this centre will integrate all the stages of a crisis management situation from prediction, mitigation and preparedness, to the immediate response to events, and to capture feedback from the system to be used in future incidents.
The system will be based on a unified mathematical model of Rio, involving the gathering of data from the river basin, topographic surveys, the municipality's historical rainfall logs, and radar feeds for increasing the accuracy of weather forecasts to evaluate and predict effects on the city.
IBM Brazil smarter cities director Pedro Almeida said they are creating an IT platform that will soon be able to gather data on all incidents and events occurring in the city, while the Center will continuously evolve to integrate more city departments and information.System predicts rain and possible flash floods, and will also be able to evaluate the... more
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Siemens has won an order from MidAmerican Energy to supply 258 units of its SWT-2.3-101 turbine for three wind energy projects in the US state of Iowa.
The order includes the supply and commissioning of the 2.3MW turbines with a rotor diameter of 101 meters, as well as a service, maintenance and warranty agreement for the Laurel, Rolling Hills and Pomeroy wind projects.
The three power projects, which will have a total capacity of 593MW, are expected to generate enough electricity for approximately 190,000 average US households.
Delivery and commissioning of the turbines is expected to begin in the second quarter of 2011 and to be completed by early 2012.
Siemens will produce these wind turbines at its Iowa and Kansas factories.Siemens has won an order from MidAmerican Energy to supply 258 units of its... more
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Oil and gas explorer Synergy Resources has acquired a 100% working interest in four producing wells from Noble Energy.
The producing wells are adjacent to Synergy's Pratt Lease that has over 20 potential drilling sites.
As part of the transaction, Synergy assigned the lease rights on 340 net acres in Northern Weld County to Noble Energy.
Synergy retained an overriding royalty interest in the leases assigned to Noble Energy.
Synergy Resources CEO Ed Holloway said that the company is pleased to have consummated this acquisition with Noble Energy and by acquiring these wells it will allow Synergy to commence drilling the first of six wells on the Pratt Lease by the end of the year.
"This transaction marks the completion of another step of our business plan as we continue to grow our cash flow and proven reserves," Holloway said.Oil and gas explorer Synergy Resources has acquired a 100% working interest in four... more
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Energy regulator Ofgem has warned the electricity network firms of UK by saying that they are putting the customers at an 'unacceptable' risk of power cuts in trying to maintain the country's ageing pylons and wires.
The energy regulator has raised this concern by sending a letter to the distribution network operators, which says that it will impose a penalty if distribution network operators fail improve their services, telegraph.co.uk reported.
The network operators warned for failure of their services include Scottish Power, Scottish & Southern, Warren Buffett's CE Electric and E.ON.
Ofgem threatened to impose fines to have a proportionate impact on shareholder returns.
The letter urges the network firms to be quicker in reporting any breaches of their engineering obligations during their work to keep the network in a good state.
The news agency quoted Ofgem distribution partner Rachel Fletcher as saying that the energy regulator wants to raise its concern that the approach that is being adopted by some distribution network operators to assess their compliance may be exposing customers to unacceptable levels of risk regarding security of supply.Energy regulator Ofgem has warned the electricity network firms of UK by saying that... more
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FMC Technologies, a provider of technology solutions for the energy industry, has won a $75m award from Statoil, for the manufacture and supply of subsea production equipment to support the Vigdis North-East development in Norway.
Vigdis North-East is a fast-track oil and gas field located in water depths of approximately 920ft in the Norwegian sector of the North Sea.
As per the contract, FMC's scope of supply includes the manufacture of four subsea trees, one manifold, subsea and topside control systems and an umbilical.
The equipment will be based on a standard subsea solution designed by FMC for Norwegian oil company Statoil.
FMC said that deliveries are slated to commence in the third quarter of 2011.
FMC senior vice president Tore Halvorsen said that this is the third fast-track award the company received from Statoil in 2010, joining Pan Pandora and Katla.FMC Technologies, a provider of technology solutions for the energy industry, has won... more
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Desjardins Financial Group, a Canada-based cooperative financial group, has entered an agreement to acquire Western Financial Group, for $439m.
Western Financial Group is an insurance and financial services retailer in Western Canada with 121 offices in British Columbia, Alberta, Saskatchewan and Manitoba. It offers property, liability and life insurance as well as banking and investment services.
Desjardins Financial Group chairman of the board, president and CEO Monique Leroux said that this transaction will allow Desjardins to accelerate business development in Western Canada , and in that way, it is perfectly aligned with the company's strategic plan.
Western Financial Group founding president and CEO Scott Tannas said that the acquisition by the Desjardins Financial Group, a rapidly expanding and innovative winner in Canadian financial services, will serve the interests of Western Financial's shareholders, customers, employees and communities.
"Our staff can rest assured that, by keeping our distinctive Western brand and by maintaining our headquarters here in High River, we will have even greater opportunities to expand our market share as we benefit from being part of the Desjardins Financial Group," Tannas said.
The transactions is subject to approval and it is expected to close in the second quarter of 2011.Desjardins Financial Group, a Canada-based cooperative financial group, has entered an... more
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The Chinese firm received an overall funding of $500m from its strategic partners, including Wal-Mart
Wal-Mart Stores has expanded its reach more into the Chinese market by investing in the Chinese online business-to-consumer (B2C) company 360buy Jingdong Mall.
A 360buy spokeswoman was quoted by Reuters as saying that the company has received funding of $500m from six strategic partners, including Wal-Mart.
Wal-Mart has not disclosed its part of investment in the Chinese e-Commerce firm but reportedly showed its eagerness to tap into the pocketbooks of China's burgeoning middle class.
Reuters quoted local media reports as saying that 360buy Chief Executive Liu Qiangdong told a press conference last week that the funds would be used to build logistics centres in China.
Earlier this year, Wal-Mart launched an e-Commerce site for its Sam's Club warehouse stores in China.The Chinese firm received an overall funding of $500m from its strategic partners,... more
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THE REAL NEWS NETWORK ~ http://therealnews.com/t2/index.php?option=com_content&task=view&id=31&Itemid=74&jumival=6037
30,000 indigenous Ecuadorians fight for compensation against Texaco (now Chevron), accused of 3 decades of massive toxic dumping in the Amazon. The damage long done... We watch today as the indigenous people of that land stand up to Chevron to get restitution for their destroyed environment after Chevron's/Texaco's decades of open deliberate ecological misdeeds.
What do we all get in return?
We get to watch another text book example on how Large Corporations avoid doing the honorable thing and correct their past actions and misdeeds. We see a powerful corporation use every means possible to corrupt the legal the system, so Chevron can walk away from the ecological disaster destroyed lives and they created as they sucked-up $$$ billions of dollars of Ecuadorian Oil.
This is how Corporations Do Business...? = YES
This is how Corporations Should do Business...? = NO
We need to clean - up the way our Governments and our Corporations do business!
We need to DEMAND TRANSPARENCY and Personal Responsibility in both our Governments and in our Corporations.THE REAL NEWS NETWORK ~... more
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Stocks ended mixed in a light day of trading Thursday after reports showed small improvements in consumer spending and the job market.
The Commerce Department reported that consumer spending rose 0.4 percent in November from the month before. That was slightly below expectations of a 0.5 percent gain.
read More:
http://www.indiareport.com/India-usa-uk-news/ap/Business/69461Stocks ended mixed in a light day of trading Thursday after reports showed small... more
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Yahoo Inc. is reducing its work force 4 percent as it hands out 600 layoff notices for the holidays.
The job cuts announced Tuesday follow weeks of speculation about whether a long-running financial funk would spur Yahoo to trim its payroll before the new year.
Readmore:
http://www.indiareport.com/India-usa-uk-news/ap/Business/63361Yahoo Inc. is reducing its work force 4 percent as it hands out 600 layoff notices for... more
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Support for multi-channel communication encompassing voice, messaging and conferencing
Alcatel-Lucent has introduced the OmniPCX Office Rich Communication Edition (RCE) Release 8, which provides a platform for the next generation of multimedia communications for small and medium size businesses (SMBs).
The new offering is driven by a new CPU that supports features and functions without requiring a hard disk, and offers voice over IP in its core and a SIP-ready feature set.
In addition, the offering also provides real-time user contact information that shows availability and status and offers support for multi-channel communication encompassing voice, messaging and conferencing.
Alcatel-Lucent said the OmniPCX Office Rich Communication Edition supports SIP endpoints including its My IC Phone, the upcoming smart desk phone that brings the smart phone experience to the desk, continuing the integration of PC, desk phone and mobile devices to increase employee effectiveness.
Alcatel-Lucent enterprise communication solutions product marketing vice president Xavier Martin said the OmniPCX Office Rich Communication Edition gives SMBs big-business communication tools, such as conferencing, collaboration and customer service applications, which improve engagement and productivity at a price they can afford.
"Businesses benefit from the lower cost of delivering targeted customer greetings and call centre capabilities such as routing and reporting, while end-users benefit from the rich communication features that offer support for multi-channel communications encompassing voice, messaging and conferencing," Martin said.Support for multi-channel communication encompassing voice, messaging and conferencing... more
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BG Group has said that it expects to recover total gross reserves of approximately 2.2 billion barrels of oil equivalent (boe), approximately 600 million boe net to BG Group, from the three floating production, storage and offloading (FPSO) vessels in the Santos Basin fields, offshore Brazil.
BG Group said that the Tupi field has two FPSO vessels and the Guara field has one FPSO vessel within the concession periods.
The first FPSO on the Tupi field has a production capacity of 100 000 barrels of oil per day (bopd) and up to 177 million standard cubic feet of gas per day (mmscfd).
It commenced production in October 2010. The second FPSO on the Tupi field is due onstream in 2013 and will have a production capacity of 120 000bopd and 177mmscfd of gas.
A similar FPSO will be deployed on Guara and is also due onstream in 2013. All three FPSOs will be leased.
The gas export pipeline with capacity to service all three FPSOs is in place, linking the Tupi area to Brazilian domestic gas infrastructure via the Petrobras Mexilhao platform.
The company expects to recover oil utilizing a total of approximately 40 production and injection wells.BG Group has said that it expects to recover total gross reserves of approximately 2.2... more
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